November 18, 2014: With the aim to penetrate new business segments in India, Eveready Industries India, a leading dry battery manufacturer, will plunge into the LED lighting domain from January 2015. The company will provide LED-based lighting solutions to be in line with the emerging trend that is going towards LED lighting replacing the traditional lighting solutions.
From January 2015, Eveready will start selling a range of LED lighting products as it is aiming for a larger growth rate. This plan will bring Eveready in competition with domestic players Philips, Havells, Syska, etc, as well as imported products from China.
From January 2015, Eveready?s LED segment with the range of new products will start contributing to the company?s lighting business by about 40-50%.
Eveready’s operating revenue rose to Rs 37.03 crore in Q2 that ended September 2014, which is a growth of by 44.10% from Q2 in 2013. During the quarter in 2014, the company?s turnover grew by 11% despite its business in its main categories of batteries and flashlights remained flat.
Cut down in finance costs from Rs 10.12 crore in Q2 of 2013 to Rs 7.93 crore in Q2 of 2014 also contributed to the higher profits this September.
The Indian LED lighting market is estimated to grow to US$ 400 million by 2015 (at a rate of 53 per cent per annum), making it one of the fastest growing sectors.
In India, LED lighting solutions are picking up fast across all segments?residential, commercial and industrial. According to a Frost & Sullivan study, the LED lighting market in India, which was US$ 73.3 million in 2010, will continue to grow at a CAGR 45.53% till 2015. The LED market demand is picking up mainly due to the growing demand for LED streetlights as more and more cities are adopting LED streetlights. Railway lighting street lighting and applications currently account for about 60% of the total demand for LED lighting in India. Demand from consumer electronics is another emerging segment which is contributing to the growth of the Indian LED lighting in India.
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